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A Montreal-based real estate firm continued to expand its presence in the province after snapping up one of Winnipeg’s shopping centres.
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On Thursday, Leyad announced the $32-million acquisition of Graden City Square from Primaris REIT.
Garden City Square is known as a “power centre” in the real estate world, which often refers to an accumulation of buildings on the same property.
Tenants include Staples, Marshalls, Dollarama, JYSK and McDonald’s, but does not include the Home Depot, nor Brio Insurance or Salisbury House.
The purchase includes the 160,000 sq. ft. of buildings on 16 acres of land on Leila Avenue.
“We don’t anticipate any changes to this centre over the near term,” Leyad CEO Henry Zavriyev said in a statement.
Leyad has been busy this year gobbling up properties in the city it feels have long-term value.
Back in April, the firm purchased the iconic Johnston Terminal from Artis REIT.
“We see tremendous potential in Winnipeg’s commercial real estate market,” Zavriyev said at the time. “Our investment in Johnston Terminal reflects our confidence in the city’s economic growth and our ongoing commitment to investing in top-tier assets that deliver long-term value.”
In March, Leyad purchased a 260,000 sq. ft. industrial building on Mountain Avenue. In February, they bought the CDI College Campus on Main Street.
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